Oil
prices hovered near US$103 a barrel Tuesday in Asia as Europe s debt
crisis flared again this time in Spain possibly undermining demand for
crude.
Benchmark
oil for May delivery was down 2 cents to $102.91 a barrel at midday
Singapore time in electronic trading on the New York Mercantile
Exchange. The contract rose 10 cents to settle at $102.93 in New York on
Monday.
Brent crude for June delivery was down 22 cents at $118.46 per barrel in London.
Spanish bond yields jumped Monday as markets worried the country may require an international bailout to avoid a debt default. Most analysts are forecasting a mild recession in Europe this year, but renewed contagion from the continent's debt crisis could further hurt economic growth.
"Economic conditions in the big developed economies remain weak and there is potential for further downward revisions to crude oil demand," National Australia Bank said in a report.
Investors are also mulling the impact of meetings last weekend about Iran's nuclear program. Talks among Iran and six world powers didn't produce any concrete agreements, but negotiators said the tone was better than previous meetings, and the sides agreed to meet again on May 23.
In other energy trading, heating oil was down 0.4 cent at $3.12 per gallon and gasoline futures slid 1.0 cent at $3.26 per gallon. Natural gas fell 0.4 cent at $2.01 per 1,000 cubic feet.
Brent crude for June delivery was down 22 cents at $118.46 per barrel in London.
Spanish bond yields jumped Monday as markets worried the country may require an international bailout to avoid a debt default. Most analysts are forecasting a mild recession in Europe this year, but renewed contagion from the continent's debt crisis could further hurt economic growth.
"Economic conditions in the big developed economies remain weak and there is potential for further downward revisions to crude oil demand," National Australia Bank said in a report.
Investors are also mulling the impact of meetings last weekend about Iran's nuclear program. Talks among Iran and six world powers didn't produce any concrete agreements, but negotiators said the tone was better than previous meetings, and the sides agreed to meet again on May 23.
In other energy trading, heating oil was down 0.4 cent at $3.12 per gallon and gasoline futures slid 1.0 cent at $3.26 per gallon. Natural gas fell 0.4 cent at $2.01 per 1,000 cubic feet.
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